How to Draw Gold Trading Fib Retracement on a Downward Gold Trend
How Do I Use Fibonacci Retracement Indicator on Downward XAUUSD Trend?
Traders use Gold Trading Fib retracement tool to determine where to place a sell gold trade in a gold downward xauusd trend.
How to Draw XAUUSD Trading Fib Retracement on a Downward XAUUSD Trend
To Draw the Gold Trading Fib retracement indicator tool the first thing to know is that this Fibonacci Retracement indicator tool is always drawn in the direction of the xauusd trend.
If the gold trend is downwards - Fibonacci Retracement indicator tool is drawn downwards.
How to Draw XAUUSD Trading Fib Retracement in a Downward XAUUSD Trend
In the xauusd trading example illustrated and explained below of how to draw the Gold Trading Fib Retracement tool, the xauusd market trend is moving down between chart point 1 and chart point 2, and then after chart point 2 the xauusd price then retraces up to 38.2% Gold Trading Fib retracement level then it continues moving downwards in the original downward xauusd trend. Note that this Gold Trading Fib retracement indicator is drawn from chart point 1 to chart point 2 in the direction of the Gold Trend (Downwards Direction).
How to Draw Gold Trading Fib Retracement on a Downward Gold Trend
Technical Analysis of How to Draw Gold Trading Fibonacci Retracement in a Down Gold Trend
The above Gold Trading Fib Retracement technical analysis example xauusd trading setup is a Gold Trading Fib Retracement setup where the xauusd price retraces immediately after getting to the 38.2% XAUUSD Chart Fibonacci Retracement Level.
In this Gold Trading Fib Retracement technical analysis example the retracement of the xauusd price reached 38.2% Gold Trading Fib retracement level and did not get to 50.0% Gold Trading Fib retracement level. It is always good for xauusd traders to use the 38.2% Gold Trading Fib retracement level because most times the xauusd price retracement does not always get to 50.0% Gold Trading Fib retracement level.
This 38.2% Gold Trading Fib Retracement level provided a lot of resistance for the xauusd price retracement, this was the best place for a gold trader to place a sell limit gold order as the xauusd market trend quickly moved down after retracing to this xauusd price retracement level.
Tutorial of How to Draw Fibonacci Gold Technical Indicator on Gold Charts
Tutorial of How to Draw Fibonacci Gold Technical Indicator on Gold Charts
